Secunet Security Networks AG Reports Positive First Quarter, Forecasts Confirmed

Secunet Security Networks AG, a leader in Germany’s cybersecurity market, announced a successful start to the 2024 financial year with notable improvements in sales and EBIT compared to last year's first quarter. The company confirmed that these developments align with their expectations for the year.

For the first quarter of 2024, Secunet's revenue grew by 4% to 57.6 million euros, driven primarily by the Public Sector segment, which saw an 8% increase in sales. However, the Business Sector segment experienced a decline, particularly in the healthcare market, due to a shift to Telematics Infrastructure 2.0. The company also reported a 26% rise in international sales, now constituting 12% of total sales.

EBIT for the company has shown slight improvement, moving from -6.2 million euros in the first quarter of the previous year to -5.6 million euros, primarily due to lower sales costs. Secunet also reported an increase in the number of permanent employees and a significant 7% increase in their order backlog, reaching 202.7 million euros.

Axel Deininger, CEO, expressed satisfaction with the company’s performance and reiterated the confidence in meeting the full-year targets set in the 2023 Annual Report, projecting around 390 million euros in sales and 42 million euros in EBIT for 2024.